According to a report by the Wall Street Journal, Groupe Bernard Tapie, the French investment group that signed an “exclusive agreement” to purchase Full Tilt Poker and its assets, is considering offering an equity stake in the new company to certain customers.
One of the decisions the Tapie family is still mulling is exactly how much of an investment it will make in Full Tilt. One of the biggest hurdles is the more than $300 million that is still owed to former Full Tilt players, about half of whom live in the United States. Full Tilt management and its lawyers have repeatedly said that the ability to repay players is crucial to any agreement with a potential investor. To that end, Groupe Bernard Tapie may offer those customers who are owed the most money an equity stake in the yet-to-be-revived company, rather than simply returning their money straight-up.
At the same time, in a move that many in the poker community are viewing as odd, the Wall Street Journal also writes that the Tapie family is looking to Full Tilt’s current owners as a source for investment capital. Even though no existing owners would be a part of management moving forward, such a deal would have to be approved by the United States Department of Justice (DoJ). The Groupe Bernard Tapie agreement to purchase Full Tilt is contingent on the settlement of the former online poker giant’s legal problems with the DoJ.
In other Full Tilt Poker news, the Alderney Gambling Control Commission (AGCC), the regulatory organization that revoked Full Tilt Poker’s interactive gaming license last week, addressed former customers of the embattled online poker room yesterday. In a statement released on the AGCC website, the Commission essentially said that now that Full Tilt is no longer licensed through the AGCC, the organization can no longer do anything to help players get their money back. In short, the AGCC says that players should contact Full Tilt, go to the police, or seek out those involved in lawsuits against the online poker room.
Below is the AGCC’s statement in full:
“On-going concerns of Full Tilt’s registered players.
“Following the revocation of the licences, AGCC no longer has authority to intermediate or arbitrate on player issues or disputes with Full Tilt (excepting for players registered under a Swiss address). Players may have the following alternative options:
“1. Full Tilt has been requested to provide a specific player contact: this is awaited and will be incorporated here upon receipt.
2. Any player who believes they are a victim of crime, as a result of their dealings with Full Tilt, should in the first instance contact their own local police in their country of residence and report the matter to them. These reports will then be co-ordinated centrally.
3. It is understood that a number of civil actions have been initiated by players against Full Tilt, some as class actions representing multiple players by UK, US and Canadian lawyers. Details of the firms concerned can be found through internet search.”
